WEBVTT - LinkedIn COO on 'The Great Reshuffle'

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic from Bloomberg Radio. Well. LinkedIn is

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<v Speaker 1>having a moment. The Microsoft owned company announced last month

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<v Speaker 1>that it reached ten billion dollars in fiscal year revenue

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<v Speaker 1>for the year one. That's up from last year. Join

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<v Speaker 1>us now to talk all about that and more, including

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<v Speaker 1>how working from home will be the future, or perhaps

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<v Speaker 1>it will be hybrid, or perhaps we will be going

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<v Speaker 1>back to those offices full time after all. Is Dan Shapiro,

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<v Speaker 1>chief operating officer for LinkedIn. He joined us now on

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<v Speaker 1>the phone from Palo Alto Dan. How you doing good?

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<v Speaker 1>Thanks for having me on. Yeah, thanks for joining us

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<v Speaker 1>and thanks for coming on. We really appreciate it. Hey,

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<v Speaker 1>let's talk that revenue growth from last year. What is

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<v Speaker 1>working so well for you at LinkedIn? Well. LinkedIn is

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<v Speaker 1>a platform for helping companies and professionals build relationships, and

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<v Speaker 1>I think if there's anything we've learned over the last

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<v Speaker 1>year is that we need as a society and as

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<v Speaker 1>a business community to be able to build relationships as

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<v Speaker 1>the world increasingly moved digital. Whether that's how companies build

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<v Speaker 1>relationships with their customers or employers build relationships with talent,

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<v Speaker 1>whether that's their exist employees or future employees, and all

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<v Speaker 1>of that transitions leading to more and more power of

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<v Speaker 1>the Lincoln Platform to help companies solve problems. And so, Dan,

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<v Speaker 1>I'm curious to hear if you think that people change

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<v Speaker 1>the way that they use LinkedIn during the pandemic, because

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<v Speaker 1>just speaking personally, I can think of so many friends

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<v Speaker 1>who really thought critically about their life and career and

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<v Speaker 1>what kind of career they want to have, and they

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<v Speaker 1>use LinkedIn for it. I mean, have you seen more

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<v Speaker 1>people looking for jobs on the platform or just starting conversations.

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<v Speaker 1>We're absolutely in a time where professionals everywhere are thinking

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<v Speaker 1>about what they want from their career, how they want

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<v Speaker 1>to work, where they want to work, and it is

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<v Speaker 1>leading to something that we're seeing called the Great Reshuffle.

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<v Speaker 1>We're both companies and professionals are reassessing a number of

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<v Speaker 1>ways in which they've been working for a very long time.

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<v Speaker 1>And so in a time like this, you're seeing more exploration.

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<v Speaker 1>You're seeing greater curiosity about different kinds of jobs. And

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<v Speaker 1>one thing in particular that we're seeing is both companies

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<v Speaker 1>and professionals considering remote work options. If you actually go

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<v Speaker 1>back in time before the pandemic, only about one and

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<v Speaker 1>a half percent of jobs in the US on LinkedIn

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<v Speaker 1>how to remote option Now fastwards today that numbers over

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<v Speaker 1>eleven percent and over a quarter of all applications on

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<v Speaker 1>their platform are going to remote jobs. And that's part

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<v Speaker 1>particularly the case in some of the most highly skilled roles,

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<v Speaker 1>like in tacker and media. Hey, Jan, help us understand

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<v Speaker 1>you know this data more because you guys have such

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<v Speaker 1>a granular view of what people are interested in, the

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<v Speaker 1>types of jobs people are interested in. Is there much

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<v Speaker 1>more interest around a company that offers a hybrid or

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<v Speaker 1>a remote position rather than one that says, hey, this

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<v Speaker 1>is in office, Like, are you seeing a quantifiable increase

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<v Speaker 1>in the number and quality of candidates going for that job?

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<v Speaker 1>There's no question, uh, For seven percent of professionals in

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<v Speaker 1>the US want to work in a role where they

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<v Speaker 1>can be remote or hybrid at least half the time.

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<v Speaker 1>And we're seeing in particularly in skill sets that are

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<v Speaker 1>in high demands, that are employers are adjusting their policies

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<v Speaker 1>to be attractive to those kinds of professionals. So the

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<v Speaker 1>number of jobs that have a remote option has gone

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<v Speaker 1>up materially. Roughly one fourth of all jobs in the

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<v Speaker 1>US in tech and in I T services are now

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<v Speaker 1>remote enabled. And we think that that's going to continue

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<v Speaker 1>because those are the skills that are in high demand,

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<v Speaker 1>and that's what many professionals now have come to expect

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<v Speaker 1>from their employer. And curious, I mean you mentioned you

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<v Speaker 1>expect this to continue. I mean, is this a permanent

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<v Speaker 1>change though? I mean, in reading all of the headlines

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<v Speaker 1>on the terminal about the real estate story we just

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<v Speaker 1>talked about, because people moved to the suburbs. Yeah, yeah,

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<v Speaker 1>So building on that that, you are still seeing this

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<v Speaker 1>push into the suburbs. Maybe people will be able to

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<v Speaker 1>stomach a two hour commute if it's only done, you know,

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<v Speaker 1>two or three days a week. But I mean at

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<v Speaker 1>a certain point, does this fade in five years time?

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<v Speaker 1>I mean, would you expect that companies are still offering

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<v Speaker 1>hybrid situations? Is a perk of sorts. What people want

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<v Speaker 1>is flexibility, and that's going to mean different things different people.

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<v Speaker 1>For some people, flexibility is going to be about balancing

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<v Speaker 1>home and work. For some people it's going to be

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<v Speaker 1>about physically where they live and where they have their

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<v Speaker 1>lives how do they live in a place that's either

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<v Speaker 1>closer to family and friends or to the activities that

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<v Speaker 1>they care about. Um, and that expectation of flexibility is

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<v Speaker 1>going to continue, and we think it's gonna be most

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<v Speaker 1>prevalent in the skill set that are in the highest demand.

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<v Speaker 1>So think about technology jobs or media jobs. Um, these

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<v Speaker 1>are the roles where media jobs are in high demand.

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<v Speaker 1>Hold on, talk about that. Are they are they do?

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<v Speaker 1>Media jobs in high demand? I mean, we hear so

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<v Speaker 1>much about the media industry just and look, there are

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<v Speaker 1>a lot of new new media properties launching. But talk

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<v Speaker 1>a little bit about that in just the last thirty seconds,

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<v Speaker 1>and then we're gonna come back with you. Yeah, I

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<v Speaker 1>mean media and marketing generally the entire economy. UM. I'm

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<v Speaker 1>sure that there are pockets that have different dynamics, but

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<v Speaker 1>you are seeing that roughly one fourth of jobs in

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<v Speaker 1>tech and media are offering now a little mode option

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<v Speaker 1>on LinkedIn. Dan shapperro Jan Shapira, sit tight with us

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<v Speaker 1>chief operating officer at LinkedIn. Hang with us, because we

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<v Speaker 1>are going to be coming back to you in just

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<v Speaker 1>a few minutes. We're gonna do some news. We're gonna

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<v Speaker 1>check how the business day wrapped up and get right

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<v Speaker 1>back to you in just a couple of minutes. That's

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<v Speaker 1>Dan Shapiro, chief operating officer at LinkedIn, joining us on

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<v Speaker 1>the phone from Palo alto, Yeah, Katie, I think the

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<v Speaker 1>the big question that I have is to what extent

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<v Speaker 1>it is? The one you asked is how long is

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<v Speaker 1>this remote work or hybrid work environment? Is it going

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<v Speaker 1>to be like that in five years? Exactly? Ton of

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<v Speaker 1>momentum around it. Now, curiousity does not actually last. You're

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<v Speaker 1>listening to Bloomberg Business Week, and this is Bloomberg Radio.

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<v Speaker 1>Let's get right back to Dan Shapiro, chief operating officer

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<v Speaker 1>at LinkedIn. He joins us on the phone from Pala walto, Hey, Dan,

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<v Speaker 1>it was so interesting. I don't know if you heard

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<v Speaker 1>what Katie said about remote work being the new foodsball

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<v Speaker 1>table in the sense that it's it's a real perk um.

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<v Speaker 1>I completely agree with that and the idea that managers

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<v Speaker 1>need to be thinking about the best ways to attract

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<v Speaker 1>and retain talent. Because if there's one thing that has

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<v Speaker 1>emerged when it comes to the way that my friends

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<v Speaker 1>and uh like my friends really they are thinking about

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<v Speaker 1>over the last year and a half. It's really about

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<v Speaker 1>their careers. And we're having this issue right now with

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<v Speaker 1>managers all over trying to attract and retain talent. What

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<v Speaker 1>are the lessons that you can take away and give

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<v Speaker 1>to two managers who are listening right now about the

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<v Speaker 1>data in the data that you see at LinkedIn, about

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<v Speaker 1>the best ways to attract and retain talent at a

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<v Speaker 1>time when even even though the labor market is not tight,

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<v Speaker 1>it is tight right well, I think we are seeing

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<v Speaker 1>the labor market get tighter over the last quarter and

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<v Speaker 1>into the coming quarters. You're seeing that the resurgence and

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<v Speaker 1>certain parts of the economy is leading to very aggressive

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<v Speaker 1>hiring in certain sectors, and that is actually ahead of

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<v Speaker 1>people's general willingness to change jobs. Right now, many people

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<v Speaker 1>have been and some continue to be what they call

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<v Speaker 1>shelter and job where because the environment's uncertain, they tend

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<v Speaker 1>to stick to what they are doing. But almost that

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<v Speaker 1>every research study you see speaks to the fact that

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<v Speaker 1>many people are considering a change. So the question is,

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<v Speaker 1>how do you make sure that if you have a

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<v Speaker 1>member of your team that is thinking about change, how

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<v Speaker 1>do they make sure that they're exploring changes within your

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<v Speaker 1>organization or within your team as opposed to outside, and

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<v Speaker 1>they're going to get to questions like how do I

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<v Speaker 1>want to work, where do I want to work? Do

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<v Speaker 1>I work at accompany that aligns with my values? Or

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<v Speaker 1>what important to me um And we continue to find

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<v Speaker 1>that the employers that are getting the most attraction from Kennedy's,

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<v Speaker 1>particularly those and highly skilled jobs, are the ones that

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<v Speaker 1>are answering those questions and realizing that their employer is

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<v Speaker 1>aligned with what they want to accomplish in their careers. Hey, Dan,

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<v Speaker 1>I'm curious if this is particularly prevalent in any specific industry.

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<v Speaker 1>I mean, obviously there are some jobs where you can't

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<v Speaker 1>work from home, you can't do it from your basement,

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<v Speaker 1>but there's a lot of jobs in corporate America that

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<v Speaker 1>you can. So I'm curious, Uh, where we're seeing that

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<v Speaker 1>the most. If you look at the landscape of the

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<v Speaker 1>American workforce, it is happening quite a bit in higher

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<v Speaker 1>demand job segments that can be done remotely. At the

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<v Speaker 1>end of the day, what people want is flexibility, and

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<v Speaker 1>that means a variety of difffferent things for different for

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<v Speaker 1>different folks. For some people, that's more flexibility about how

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<v Speaker 1>to fit their home and life together. For some people,

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<v Speaker 1>it's about coming into the office not to do work,

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<v Speaker 1>but to collaborate indoor community with their colleagues. Um and

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<v Speaker 1>that's leading to changes and things such as rethinking what

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<v Speaker 1>an office looks like. Two thirds of executives are reconsidering

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<v Speaker 1>their physical office space layout by virtue of what's been happening,

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<v Speaker 1>thinking even more of a place for people to come

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<v Speaker 1>together and collaborate as opposed to people sitting at their

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<v Speaker 1>decks and doing one on one work. So there are

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<v Speaker 1>so many changes that are afoot, but we so far

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<v Speaker 1>see that this is a trend that is very clear

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<v Speaker 1>and it's going to become the most prevalent in the

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<v Speaker 1>highest demand skill sets. Hey Dan, a few of our

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<v Speaker 1>colleagues spent the weekend dropping their kids off at school

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<v Speaker 1>for the first time at college. As students in the

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<v Speaker 1>United States go back to school and begin their time

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<v Speaker 1>in university. Based on the data that you have at

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<v Speaker 1>linked in, what should these students be thinking about when

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<v Speaker 1>it comes to how they should think about their majors

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<v Speaker 1>and what they're going to study. What are the areas

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<v Speaker 1>so when they get done with school, when they graduate,

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<v Speaker 1>they're not saddled with debt that they can't pay back

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<v Speaker 1>because they can't find a job that pays enough. There's

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<v Speaker 1>a general trend that's happening in that we're a big

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<v Speaker 1>believer in at LinkedIn of taking a mindset around skills

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<v Speaker 1>rather than degrees. And so the question that I would ask, uh,

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<v Speaker 1>you know, your your friends, kids, or other people that

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<v Speaker 1>you know, is what kind of jobs are you interested in?

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<v Speaker 1>And maybe they haven't figured that out yet that they

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<v Speaker 1>can start to explore those ideas and what skills are

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<v Speaker 1>important to employers in those categories. And so then rather

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<v Speaker 1>than think about a major or a degree, think about

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<v Speaker 1>skill sets and how they build evidence of those skill

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<v Speaker 1>sets that they can showcase to employers as they come

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<v Speaker 1>into the job the job force. And so, Dan, I

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<v Speaker 1>want to ask about the business of LinkedIn, the company itself.

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<v Speaker 1>So I like to mentioned earlier you recently had ten

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<v Speaker 1>billion dollars in revenue. I'm curious how much of that

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<v Speaker 1>is just in the US or what does the landscape

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<v Speaker 1>look like abroad when it comes to LinkedIn. Well, LinkedIn

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<v Speaker 1>is a business is our membership is to through us

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<v Speaker 1>R three quarters outside of UM the United States. Person

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<v Speaker 1>in the United States was a very global platform and

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<v Speaker 1>roughly half of the businesses international as well, and we're

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<v Speaker 1>continuing to see international and global engagement via fundamental part

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<v Speaker 1>of how we grow linked In. At its core, LinkedIn

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<v Speaker 1>is a platform for economic opportunity and we try to

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<v Speaker 1>achieve that in a global basis, and it is something

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<v Speaker 1>that we think is important, particularly an environment where um

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<v Speaker 1>engagement between people around the world is a fundamental part

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<v Speaker 1>of how business gets done. Dan Shapiro is Chief operating

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<v Speaker 1>officer at LinkedIn. He joins us this afternoon on the

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<v Speaker 1>phone from San Francisco. Dan, thank you so much for

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<v Speaker 1>taking the time and for chatting with us all about

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<v Speaker 1>the latest at LinkedIn and the first fiscal year ten

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<v Speaker 1>billion dollars in revenue.